Noreco: Summons for a Written Resolution - NOR13 - Amendment of Longstop Date

12 Dec 2022 17:31 CET

Oslo, 12 December 2022: Reference is made to the stock exchange notice published
on 8 November 2022 where Norwegian Energy Company ASA ("Noreco" or the
"Company") announced that the requisite bondholders had resolved and approved
the contemplated amendments ("Amendments") to the Company's outstanding USD
165,229,319 2019/2027 convertible bond loan with ISIN NO0010851520 and listed on
Oslo Børs ("NOR13"). Reference is further made to the stock exchange notice
published by Noreco 29 November 2022 where the Company announced that it had
received a temporary injunction from the Oslo district court (Oslo tingrett)
that restricts Noreco and Nordic Trustee AS from implementing the Amendments
("Ruling") following a claim from two minority bondholders in NOR13.

Pursuant to the summons for written resolution of 8 November 2022 for resolving
the Amendments ("Original Summons"), Noreco needs to satisfy certain conditions
in order for the Amendments to become effective within a deadline of 25 Business
Days ("Longstop Date") following the date of the Original Summons. Due to the
Ruling, Noreco may be unable to comply with the conditions to implement the
Amendments within the Long Stop Date.

The Ruling is an unforeseen event which the Long Stop Date pursuant to the
Original Summons does not take into account. To allow the Company time to
resolve the dispute relating to the Ruling, the Company will request an
extension of the Longstop Date until the dispute which has arisen in respect of
the Ruling is finally resolved.


More than 2/3 of the NOR13 bonds have pre-accepted to the extended Longstop
Date.

The existing bond terms for NOR13 apply until and subject to the Amendments
becoming effective after the Ruling is lifted. All NOR13 bondholders are advised
that due to appeal possibilities, a certain timeline for a final outcome of the
pending court case cannot be provided at this point in time.

Please refer to the summons for written resolutions attached hereto for further
information.

***

Contacts:
Cathrine Torgersen, EVP Investor Relations & ESG
Email: ct@noreco.com
Phone: + 47 915 28 501

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. The stock exchange
announcement was published by Cathrine Torgersen, Executive Vice President
Investor Relations & ESG, Norwegian Energy Company ASA, at the date and time as
set out above.

About Norwegian Energy Company ASA
Noreco is a publicly owned company with focus on the oil, gas and offshore
industry. The Company's shares are listed on the Oslo Stock Exchange (ticker
NOR). For further information, please visit: www.noreco.com.

More information:
Access the news on Oslo Bors NewsWeb site

577972_Noreco_Summons_for_Written_Resolution_12_December_2022.pdf